Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, speaks during a press conference held at the company's exhibition booth at the Convention on Pharmaceutical Ingredients Worldwide 2023 in Barcelona, Spain, Wednesday. (Daewoong Pharmaceutical)
Daewoong Pharmaceutical announced that the company aims for annual sales of its two new drugs, gastroesophageal reflux treatment Fexuclue and diabetes drug Envlo, to reach 1 trillion won ($736 million) by 2030.
"Daewoong Pharmaceutical anticipates new launches and outlicensing deals involving Fexuclue and Envlo in the global pharmaceutical market," said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during a press conference held at the company's exhibition booth at the Convention on Pharmaceutical Ingredients Worldwide 2023 in Barcelona, Spain.
According to Kim, Fexuclue's launch in Brazil is expected to take place during the first half of next year. Fexuclue will compete in the Brazilian anti-ulcer drugs market, estimated at $34.3 million in 2022.
"Fexuclue's launch in Brazil will also help Daewoong Pharmaceutical to penetrate in the markets of neighboring countries in Latin America," Kim added.
Kim's announcement came as Daewoong Pharmaceutical recently secured the bGMP certification from Brazil's National Health Surveillance Agency (ANVISA). The inspection team from ANVISA visited Daewoong Pharmaceutical's Osong Smart Factory in North Chungcheong Province last month to see the production processes for Fexuclue and Envlo, Daewoong said.
"This bGMP certification has considerably expedited the export timeline for Fexuclue and Envlo to Brazil," Daewoong Pharmaceutical said.
Daewoong is also looking to the Russian and Indian markets to launch Fexuclue. Daewoong said the company is searching for a local partner in Russia. In India, it will be conducting clinical studies.
With Envlo too, Daewoong Pharmaceutical plans to increase its presence in the global diabetes drug market. The company's current plan is to launch Envlo in 15 countries by 2025 and 50 countries by 2030.
While pushing ahead with the company’s launches of both Fexuclue and Envlo overseas, Daewoong Pharmaceutical is conducting a series of research to obtain additional indications for the new drugs.
Daewoong Pharmaceutical is currently planning on adding five new indications for Fexuclue. The company expects new indications will make Fexuclue a “versatile treatment option” for gastrointestinal diseases, according to the company.
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